Bloomberg's series "Trillion-Dollar Secret" exposed details of the Federal Reserve's rescue of the financial system during the 2007 to 2009 crisis. The data, which the Fed guarded until Congress and a court order forced their disclosure, revealed a banking industry in trouble so deep it needed loans of up to $1.2 trillion on a single day. The numbers surprised U.S. lawmakers, who told Bloomberg they were unaware of the scope of the bailout even as they crafted laws aimed at preventing the need for another one.
Bloomberg News today released spreadsheets showing daily borrowing totals for 407 banks and companies that tapped Federal Reserve emergency programs during the 2007 to 2009 financial crisis. It’s the first time such data have been publicly available in this form.
Nov. 27, 2011 (Bloomberg) -- The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing.
Aug. 22, 2011 (Bloomberg) -- Citigroup Inc. (C) and Bank of America Corp. (BAC) were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits.
April 1, 2011 (Bloomberg) -- Arab Banking Corp., the lender part- owned by the Central Bank of Libya, used a New York branch to get 73 loans from the U.S. Federal Reserve in the 18 months after Lehman Brothers Holdings Inc. collapsed.
April 1, 2011 (Bloomberg) -- U.S. Federal Reserve Chairman Ben S. Bernanke’s two-year fight to shield crisis-squeezed banks from the stigma of revealing their public loans protected a lender to local governments in Belgium, a Japanese fishing-cooperative financier and a company part-owned by the Central Bank of Libya.
Credit Suisse Group AG (CS), Goldman Sachs Group Inc. (GS) and Royal Bank of Scotland Group Plc (RBS) each borrowed at least $30 billion in 2008 from a Federal Reserve emergency lending program whose details weren’t revealed to shareholders, members of Congress or the public.
Aug. 22, 2011 (Bloomberg) -- As markets convulsed in September 2008, Morgan Stanley (MS) Treasurer David Wong briefed the Federal Reserve on a “dark” scenario in which the U.S. firm would need at least $10 billion of emergency loans from the central bank.
State Street Corp. (STT) and JPMorgan Chase & Co. (JPM) profited during the financial crisis by borrowing $200 billion almost risk-free from the Federal Reserve under a program intended to rescue money-market mutual funds.
Aug. 22, 2011 (Bloomberg) -- To rank companies by how much they borrowed from the U.S. Federal Reserve during the financial crisis, Bloomberg News examined data the central bank was forced to release about seven programs.
Aug. 22, 2011 (Bloomberg) -- The U.S. Federal Reserve mounted an unprecedented campaign to head off a depression by providing as much as $1.2 trillion in public money to banks and other companies from August 2007 through April 2010, exceeding the $700 billion Troubled Asset Relief Program.